Globe Life Mortgage Protection Insurance Review (2023 Rates)
Posted in Mortgage Protection Insurance Reviews last updated on May 13, 2023Globe Life’s mortgage protection policy is just an accidental death policy, meaning it will only pay out in an accident. Fill out our quoter to compare rates among 15+ mortgage protection insurance carriers.
Globe Life Mortgage Protection Insurance Review
If you are wondering about Globe Life’s mortgage protection policy and what it covers you’ve come to the right place.
Seniors Mutual is an independent agency specializing in mortgage protection insurance and represents 15+ carriers.
Read on to see what Globe Life mortgage protection covers and see other options.
Table Of Contents
- What Is Globe Life Mortgage Protection?
- How Much Is Globe Life Mortgage Protection?
- Who Are The Best Companies?
What Is Globe Life Mortgage Protection Insurance?
Globe Life mortgage protection insurance is an accidental death life insurance policy.
Accidental death policies only pay out in the event of an accidental death (car accident, fire, etc.).
While you may think these types of policies are a good option, and they are super cheap, they rarely pay out because most people don’t die from accidents, they die from health reasons.
If you get a heart attack or aneurysm and kick the bucket the policy does not pay out for example.
Make sure you know that Globe Life mortgage protection insurance is not full coverage, but just for an accident, something many insurance companies offer.
How Much Is Globe Life Mortgage Protection Insurance?
The accidental death policy through Globe Life has very similar accidental death rates to other companies.
Below are some sample rates for accidental death for a female at different ages and amounts.
| Age | $100,000 | $200,000 | $300,000 |
|---|---|---|---|
| 50 | $10/month | $14/month | $20/month |
| 60 | $10/month | $17/month | $20/month |
| 70 | $14/month | $25/month | $35/month |
As you can see, accidental death rates are very cheap.
But this is not really mortgage protection insurance.
You can get even better rates with other accidental death companies as well.
Who Are The Best Mortgage Protection Insurance Companies?
Click here to read our guide on the best mortgage protection insurance companies.
Globe Life is not on the list for good reason.
While their accidental death policy is not bad, it is not mortgage protection insurance.
It is only accidental death, and those policies rarely pay out.
A traditional mortgage protection insurance policy will pay out for any reason upon death, and also comes with living benefits to pay while still living in the event of a heart attack, stroke, or any other significant health event.
Accidental death policies do not do that.
For that and many other reasons we recommend looking elsewhere for mortgage protection insurance rather then Globe Life.
Fill out our quote form to compare your options and one agent will email or call/text you to go over rates.
2 Comments
Wanda P. DiMaggio
Interested in getting a policy for a mortgage balance of $500.000.00
Kelly Maxwell
Hi Wanda I emailed you some more info.